Mahindra & Mahindra Ltd and Temasek, the Singapore-headquartered global investment firm, have executed a binding agreement for Temasek to invest Rs 1,200 crore in Mahindra Electric Automobile Ltd (MEAL), the four-wheeler (4W) passenger electric vehicles company.
Temasek will invest Rs 1200 crore in the form of Compulsorily Convertible Preference Shares (CCPS) at a valuation of up to Rs 80,580 crore, resulting in Temasek’s ownership of a 1.49 — 2.97 per cent stake in MEAL.
Temasek will join British International Investments (BII) as an investor in MEAL. With this investment, Mahindra’s EV subsidiary’s valuation goes up by 15 per cent from up to Rs 70,070 crores to up to Rs 80,580 crores. The breadth of global experience of these marquee investors will be valuable for MEAL. The amount invested is consistent with the Mahindra Group’s plan to minimize dilution.
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